STEICO and PEGASUS ENERGIETECHNIK AG launch joint venture for wind parks in Poland
STEICO Inc./ Joint Venture; press release from September 14, 2007. Publication of some Corporate News, passed on by DGAP.
• joint venture with Pegasus Energietechnik AG, Mühldorf
• development and projecting of wind parks as a business objective
Feldkirchen – STEICO Inc., a European brand leader in the business segment of woodfiber insulation, transferred in equal shares its 100- percent affiliate and up to now dormant STEICO Spolka z.o.o., Czarnków, to Pegasus Energietechnik AG, Mühldorf. The contract was signed on September 14th, 2007.
The objective of the joint venture is the development and projecting of wind parks in Poland. A first wind park is to be installed around the Polish manufacturing location of STEICO S.A. in Czarnków, which provides an area of approximately 140 hectare and further 200 hectare. STEICO Spolka has already ensured the acquisition of these areas with appropriate lease contracts. There are no financial obligations or risks of any kind for the STEICO-group. As for the financing of the wind parks, it is planned to have institutional investors join STEICO Spolka. Talks with various credit banks are already at an advanced stage. The first construction phase with about 200 megawatt has already been sold to an international banking syndicate.
That way STEICO Inc. introduces its dormant affiliate into a new field of business. With this contract the company underlines its ecological responsibility as well as its commitment to sustainability both regarding products and energy sources.
Pegasus Energietechnik AG possesses far-reaching experience in developing and projecting wind parks in Europe. Recently Pegasus has completed a major wind park in Germany with 20 wind power plants and a large transformer station. It has done so in cooperation with Deutsche Bank. STEICO contributes its local know-how to the joint venture. Besides, STEICO possesses a company-owned transformer station in Czarnków. Hence, the energy produced can be fed into the power supply system. Poland has a programme to advance renewable energies, which organizes the feed-in of electricity that is produced ecologically.
About STEICO Inc.: The STEICO consortium develops, produces and sells ecological building products made of renewable raw materials. The company is Europe’s brand leader in the business-segment of woodfiber insulation with a market share of more than 35 per cent. The company also takes a leading position with its efficient cost structure and its R & D department that is located in Germany. By offering new products, such as insulation material made of hemp and special joists as construction elements for houses, the company has moved up as a system provider of ecological building material. The production of Natural Fiber Boards (NFB) as components of those special joists rounds off the vertical range of manufacture of STEICO, which is unique in the business-segment. The products of the Munich-based company are successfully used in house-building, more precisely when it comes to the construction of floors, walls, ceilings and roofs.
With its clearcut strategic direction STEICO wants to continue its double-digit growth rate of the past years both regarding sales volume and profit. The company’s strategy focuses on winning new customers for its existing and its new products as well. With its underwriting revenue due to its initial public offering in June 2007, the company is capable of both strengthening the substance of the consortium and of accelerating its growth. STEICO Inc. is determined to continue its successful way.
September 14th, 2007 Financial news, passed on by DGAP